INTERVIEW ON THE PRICE OF BUSINESS SHOW, MEDIA PARTNER OF THIS SITE.
Recently Kevin Price, Host of the nationally syndicated Price of Business Show, interviewed Daniel A. Cotter, Attorney, and Counselor.
The Daniel Cotter Commentaries
Welcome to “Your Attorney as a Trusted Advisor with Daniel Cotter.” I am Daniel Cotter, Attorney and Counselor at Howard & Howard Attorneys, PLLC. For more information, please visit howardandhoward.com.
As we get into the dog days of summer, we need to remember that every element of your business needs to be in good shape to ensure that you will be championship caliber, looking like the Denver Nuggets or Vegas Golden Knights, and not the Chicago Bulls or Chicago Blackhawks.
One element of compliance and being in good stead is listening to your trusted advisor. The role of your advisory team is to steer you clear of the potholes and hurdles in the road so that you can win the race and achieve your goals. While some consider legal the place for ideas to go to die, the goal of your trusted legal advisor is to provide you with the information you need to make the best possible decisions and avoid headaches and exposures down the line.
The places where this comes into play begins in the worker arena. Often, the business folks for good reasons want to classify workers as independent contractors. At times, that classification is correct. And if they qualify, employers can save on expenses associated with employees — taxes, training, promotions, overtime, benefits, unemployment insurance, workers’ compensation insurance, FMLA leave, 401K matches, and other items. There are a number of tests for determining. Your trusted advisor can give you the tests and help you understand on classifications. The goal is not to dictate the categorization, but to help the client understand the benefits and risks.
A second employment issue that arises from time to time is paying in equitable compensation only. The FLSA requires that most employees in the United States be paid at least the Federal minimum wage for all hours worked and overtime pay at time and one-half the regular rate of pay for all hours worked over 40 hours in a workweek. Consult with your trusted advisor on issues around compensation.
Finally, when it comes to the worker arena, a question that often comes up is time of payment. Many jurisdictions, such as Illinois, generally require at least twice per month payments, but it varies by jurisdiction. Check with your trusted advisor.
The trusted advisor’s goal is to be a true partner with you, helping you navigate the rough terrain. Keep in mind that the trusted advisor is not, unless on a flat fee basis, doing the work without charge. If you ask your trusted advisor to do legal research or to perform functions, the trusted advisor generally will charge for such services. The engagement letter should set forth what is included in any flat fee and other terms of the engagement. Have a regular dialogue with your trusted advisor.
This is “Your Attorney as a Trusted Advisor with Daniel Cotter.” I am Daniel Cotter, Attorney and Counselor at Howard & Howard Attorneys, PLLC, and your trusted advisor. Please visit howardandhoward.com for more information.
As a lawyer who started out of college as an accountant, and passed the CPA exam, Daniel Cotter tries to use that knowledge and business acumen to truly partner with his legal clients. He also spent more than 16 years of his 27 years as a lawyer in house. Clients want to have pragmatic, digestible, understandable information and advice, and someone who acts as a partner and trusted advisor.
He graduated with honors in accounting from Monmouth College and a law degree with honors from the John Marshall Law School.
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